CoinDCX, India’s top crypto exchange, has embarked on a transformative step towards investor protection by launching a groundbreaking Crypto Investors Protection Fund [CIPF] valued at INR 50 crores, or approximately $6.1 million. This move underscores the platform’s commitment to safeguarding user assets and fostering trust within the Indian crypto ecosystem.
With a primary focus on security, CoinDCX aims to set a new benchmark with the CIPF. This fund is touted to offer additional safeguards beyond the exchange’s traditional security measures. In the unlikely event of a hack or illegal breach, affected customers will be compensated from this fund, ensuring their investments remain secure.
The firm claims that its newly announced fund will help foster a sense of trust and security in the rapidly growing Indian market.
The enthusiasm for this promising asset class is incredibly high among Indians. With over 3 crore investors, India ranks among the top countries globally in this sector. With the launch of the CIPF, CoinDCX aims to further build trust in the ecosystem among the community.
As per the blog post, CoinDCX is committing 2% of its brokerage income annually to the CIPF. This proactive approach demonstrates the exchange’s unwavering dedication to its users. With this initiative, CoinDCX aims to instill confidence among crypto investors and accelerate India’s journey towards becoming a global crypto hub.
Is your crypto safe? CoinDCX says, “Absolutely!” on feedback. The leading trading platform boasts of being India’s first FIU-registered exchange equipped with an ISO 27001:2022 certification and the latest security standards including multi-party computation [MPC], two-factor authentication [2FA], and other advanced encryptions.
CoinDCX Doubles Valuation to $2.15B
The announcement comes after CoinDCX recently doubled its valuation to $2.15 billion after a fresh $135 million capital injection, intending to spread its footprint in the web3 and the crypto industry.
Steadview and Pantera Capital led the Series D financing round. Other prominent investors include Coinbase Ventures, Kingsway, DraperDragon, Republic, and Kindred Ventures also participated in the Mumbai-headquartered startup’s new funding. Till now, the platform has raised more than $245 million.
In an interview with a local news outlet, Sumit Gupta CEO of CoinDCX said that the funding exercise demonstrates the bullish sentiments of global investors in the Indian crypto ecosystem despite domestic regulatory challenges.
